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Question
Giving example, explain the following accounting term:
Revenue
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Solution
Revenue- It refers to the amount received from day to day activities of business, viz.
Amount received from sales of goods and services to customers; rent received, commission received, dividend, royalty, interest received, etc. are items of revenue that are added to the capital
RELATED QUESTIONS
Give any three examples of revenues
Distinguish between debtors and creditors; Profit and Gain
Giving example, explain the following accounting term:
Fixed assets
Giving example, explain the following accounting term:
Expenses
Giving example, explain the following accounting term:
Short-term liability
Giving example, explain the following accounting term:
Capital
Define revenues and expenses?
Explain the meaning of gain and profit. Distinguish between these two term
